The startup plans to use this funding for talent acquisition, embedded fintech product development, and scaling up operations. It expects to clock annualised gross merchandising value (GMV) of $100 million in 2022.
The Gurugram-based startup, founded by IIT Kharagpur alumni Mukul Garg and Avi Jain, is building the digital platform for India’s $50 billion agri-inputs industry by connecting retailers directly with manufacturers and providing all parties with solutions for distribution, credit, logistics, and marketing.
Agrim currently works across 500 districts, with over 2,500 manufacturers and 170,000 retailers on the platform.
Garg, cofounder and CEO of Agrim, said, “This investment will help us expand exponentially into new categories and geographies. Given the unit-level profitability, most funds will be used to bring rock stars onboard and launch embedded fintech services for our retailers.”
Vamshi Krishna Reddy, partner at Kalaari Capital, said the founding team of Agrim has deep expertise and clarity of thought about the sector along with ‘strong focus on unit-level profitability’. “Agrim’s goal of building a strong, tech-enabled ecosystem for small retailers of crucial agricultural supplies can transform the way agri-inputs are sourced across the country while ensuring better quality and access to products for agri-based communities,” Reddy added.
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